Mamaroneck Real Estate Market Update: September 2026

September data • October 2026 draft

On October 7, I was in Larchmont and Mamaroneck, helping a friend get to a local service station. It was an absolutely gorgeous day. There was some road work along US 1 in Larchmont, and afterward I drove up Weaver Street to see a client in the area, passing Saints John and Paul School and Bonnie Briar golf course as I headed toward New Rochelle.

I always enjoy the scenery along Weaver Street, especially the greenery around Bonnie Briar. On a day like this, those everyday views are a pleasure—and a reminder of the places behind the market numbers.

Mamaroneck’s September housing report highlights limited single-family and co-op supply, alongside a condo segment with more inventory. The strongest headline is the difference in available choices across property types.

September housing market at a glance

Geography: Mamaroneck School District. Property types are reported separately. All year-over-year comparisons below are with September 2025.

Property type	Unit Sales	Median Sale Price	Days on Market	Inventory	Months of Supply
Single-family	13	$1,690,000	22	19	1.11
Condominium	1	$635,000	27	12	3.89
Co-op	8	$305,500	43	9	1.40
Multi-unit	1	$740,000	117	5	6.00

Source: William Raveis Local Housing Data, September 2026, reports generated October 5, 2026. “Days on Market” is reproduced as labeled; the supplied reports do not specify whether it is an average or median. Inventory is the report’s September figure, not a live listing count. Unavailable statistics are not zero values.

What stands out this month

Single-family inventory declined 58.7% and months of supply fell to 1.11. Yet the 40.9% increase in median sale price was much larger than the 1.5% increase in median price per square foot. Those measures tell different stories and may reflect the properties sold. The condo and multi-unit categories each had just one closing.

Mamaroneck Single-family market

The report recorded 13 sales and a $1,690,000 median sale price. The reported days-on-market figure was 22.

• Unit Sales: 13 (down 7.1% vs sept 2025).
• Median Sale Price: $1,690,000 (up 40.9% vs sept 2025).
• Days on Market: 22 (down 4.3% vs sept 2025).
• Median Sale Price/SF: $686 (up 1.5% vs sept 2025).
• Inventory: 19 (down 58.7% vs sept 2025).
• Months of Supply: 1.11 (down 59.7% vs sept 2025).

100% sold within 90 days of listing; 69% sold for more than 95% of list price. These are shares of sales meeting those thresholds, not an average sale-to-list ratio.

Mamaroneck Condominium market

The report recorded 1 sales and a $635,000 median sale price. The reported days-on-market figure was 27.

• Unit Sales: 1 (down 66.7% vs sept 2025).
• Median Sale Price: $635,000 (up 29.6% vs sept 2025).
• Days on Market: 27 (down 25.0% vs sept 2025).
• Median Sale Price/SF: $648 (up 16.6% vs sept 2025).
• Inventory: 12 (up 71.4% vs sept 2025).
• Months of Supply: 3.89 (up 103.9% vs sept 2025).

100% sold within 90 days of listing; 100% sold for more than 95% of list price. These are shares of sales meeting those thresholds, not an average sale-to-list ratio.

Small sample: This category had only 1 closing(s). Its median and percentages can change sharply with the particular properties sold. They should not be treated as a broad change in every property’s value.

Mamaroneck Co-op market

The report recorded 8 sales and a $305,500 median sale price. The reported days-on-market figure was 43.

• Unit Sales: 8 (up 14.3% vs sept 2025).
• Median Sale Price: $305,500 (up 53.5% vs sept 2025).
• Days on Market: 43 (up 7.5% vs sept 2025).
• Median Sale Price/SF: $325 (up 14.2% vs sept 2025).
• Inventory: 9 (down 57.1% vs sept 2025).
• Months of Supply: 1.40 (down 58.3% vs sept 2025).

88% sold within 90 days of listing; 63% sold for more than 95% of list price. These are shares of sales meeting those thresholds, not an average sale-to-list ratio.

Mamaroneck Multi-unit market

The report recorded 1 sales and a $740,000 median sale price. The reported days-on-market figure was 117.

• Unit Sales: 1.
• Median Sale Price: $740,000.
• Days on Market: 117.
• Median Sale Price/SF: Not available.
• Inventory: 5 (up 25.0% vs sept 2025).
• Months of Supply: 6.00 (up 25.0% vs sept 2025).

0% sold within 90 days of listing; 0% sold for more than 95% of list price. These are shares of sales meeting those thresholds, not an average sale-to-list ratio.

Small sample: This category had only 1 closing(s). Its median and percentages can change sharply with the particular properties sold. They should not be treated as a broad change in every property’s value.

What buyers should do next

Start with the segment that fits your plans, then compare similar homes and current listings. Have financing or proof of funds prepared and review the total monthly cost before making an offer. A monthly market snapshot provides context; the condition, location and pricing of a particular property determine how you should approach it.

Planning your commute? Explore my Metro-North train station guide as you compare locations.

For budgeting and financing resources, visit my Real Estate Money Page and review your options with your lender.

If you’re considering a waterfront property or a home near a stream or wet area, add wetlands questions to your property research. My New York wetlands guide is a starting point for that conversation.

What sellers should do next

Use recent comparable sales and current competition to set your strategy. A district median is not a suggested list price. Preparation, realistic pricing and clear marketing remain important even when inventory is limited. Condo and co-op sellers should gather building documents early; multi-unit sellers should assemble leases, income and expense records and information about permitted use.

Helpful resources and a local conversation

Visit my Forms and Links page and Metro-North station guide. Considering a sale? Start with a Raveis home-value estimate, then contact me for a property-specific analysis. An automated estimate is a starting point, not an appraisal.

Thomas Roberts | RealtorTom
NYS Licensed Real Estate Salesperson
William Raveis Real Estate, Rye, NY
Contact Information

General market information. Conditions vary by property, building and price range. Equal Housing Opportunity.

Frequently asked questions

What area and period does this report cover?

These figures cover the Mamaroneck School District for September 2026. They are not a citywide or countywide report, and they do not summarize the full third quarter.

What were the September 2026 median sale prices?

Single-family: $1,690,000 (13 sales). Condominium: $635,000 (1 sales). Co-op: $305,500 (8 sales). Multi-unit: $740,000 (1 sales).

Does a change in median price show how much my home gained or lost?

No. A median summarizes the sales that closed during the month. Changes in the mix of properties sold can change the median. A property-specific comparative market analysis is needed.

How should I compare houses, condos and co-ops?

Compare similar properties within the same segment. For condos and co-ops, include monthly charges, building finances, condition, parking and applicable purchase requirements.

How can I get a market analysis for my property?

Contact Thomas Roberts at William Raveis Real Estate in Rye for a comparison of recent sales and current competition tailored to your property.

White Plains Real Estate Market Update: September 2026

September data • October 2026 draft

I was recently on Mamaroneck Avenue in White Plains meeting a client, and I was reminded of how much I enjoy the city's energy. I'm always impressed by the hustle around City Center—the movement, the activity, and the feeling of being right in the middle of things.

Heading north on North Mamaroneck Ave gives me a different feeling. The beautifully tree-lined streets make me feel as though I'm leaving the downtown bustle behind and heading somewhere more rural—almost like the beginning of a vacation. That change in atmosphere is one of the things I appreciate about White Plains.

Those everyday impressions are part of getting to know a community. The market data offers another perspective: the figures below cover the White Plains School District, with each property type reported separately.

White Plains entered the fall with a clear split between houses and attached homes. September’s single-family median exceeded $1 million, condo sales moved faster than a year earlier, and co-ops took longer to sell even as more transactions closed.

September housing market at a glance

Geography: White Plains School District. Property types are reported separately. All year-over-year comparisons below are with September 2025.

Property type	Unit Sales	Median Sale Price	Days on Market	Inventory	Months of Supply
Single-family	24	$1,045,500	23	30	1.89
Condominium	12	$600,000	30	49	3.68
Co-op	18	$239,750	79	52	3.59
Multi-unit	1	$825,000	11	11	10.15

Source: William Raveis Local Housing Data, September 2026, reports generated October 5, 2026. “Days on Market” is reproduced as labeled; the supplied reports do not specify whether it is an average or median. Inventory is the report’s September figure, not a live listing count. Unavailable statistics are not zero values.

What stands out this month

The single-family median rose 19.5%, while median sale price per square foot was nearly unchanged, down 0.2%. That difference is a reason to examine the mix and size of homes sold before assuming uniform appreciation. Condos reported 30 days on market versus 79 for co-ops; building-specific comparisons matter.

White Plains Single-family market

The report recorded 24 sales and a $1,045,500 median sale price. The reported days-on-market figure was 23.

• Unit Sales: 24 (up 33.3% vs sept 2025).
• Median Sale Price: $1,045,500 (up 19.5% vs sept 2025).
• Days on Market: 23 (up 43.8% vs sept 2025).
• Median Sale Price/SF: $456 (down 0.2% vs sept 2025).
• Inventory: 30 (down 11.8% vs sept 2025).
• Months of Supply: 1.89 (down 2.5% vs sept 2025).

96% sold within 90 days of listing; 96% sold for more than 95% of list price. These are shares of sales meeting those thresholds, not an average sale-to-list ratio.

White Plains Condominium market

The report recorded 12 sales and a $600,000 median sale price. The reported days-on-market figure was 30.

• Unit Sales: 12 (up 9.1% vs sept 2025).
• Median Sale Price: $600,000 (up 31.9% vs sept 2025).
• Days on Market: 30 (down 25.0% vs sept 2025).
• Median Sale Price/SF: $467 (up 5.3% vs sept 2025).
• Inventory: 49 (down 16.9% vs sept 2025).
• Months of Supply: 3.68 (down 12.8% vs sept 2025).

100% sold within 90 days of listing; 92% sold for more than 95% of list price. These are shares of sales meeting those thresholds, not an average sale-to-list ratio.

White Plains Co-op market

The report recorded 18 sales and a $239,750 median sale price. The reported days-on-market figure was 79.

• Unit Sales: 18 (up 12.5% vs sept 2025).
• Median Sale Price: $239,750 (down 9.5% vs sept 2025).
• Days on Market: 79 (up 97.5% vs sept 2025).
• Median Sale Price/SF: $292 (up 7.3% vs sept 2025).
• Inventory: 52 (down 7.1% vs sept 2025).
• Months of Supply: 3.59 (down 1.8% vs sept 2025).

67% sold within 90 days of listing; 94% sold for more than 95% of list price. These are shares of sales meeting those thresholds, not an average sale-to-list ratio.

White Plains Multi-unit market

The report recorded 1 sales and a $825,000 median sale price. The reported days-on-market figure was 11.

• Unit Sales: 1 (unchanged vs sept 2025).
• Median Sale Price: $825,000 (down 8.8% vs sept 2025).
• Days on Market: 11 (down 26.7% vs sept 2025).
• Median Sale Price/SF: Not available.
• Inventory: 11 (unchanged vs sept 2025).
• Months of Supply: 10.15 (unchanged vs sept 2025).

100% sold within 90 days of listing; 100% sold for more than 95% of list price. These are shares of sales meeting those thresholds, not an average sale-to-list ratio.

Small sample: This category had only 1 closing(s). Its median and percentages can change sharply with the particular properties sold. They should not be treated as a broad change in every property’s value.

What buyers should do next

Start with the segment that fits your plans, then compare similar homes and current listings. Have financing or proof of funds prepared and review the total monthly cost before making an offer. A monthly market snapshot provides context; the condition, location and pricing of a particular property determine how you should approach it.

What sellers should do next

Use recent comparable sales and current competition to set your strategy. A district median is not a suggested list price. Preparation, realistic pricing and clear marketing remain important even when inventory is limited. Condo and co-op sellers should gather building documents early; multi-unit sellers should assemble leases, income and expense records and information about permitted use.

Helpful resources and a local conversation

Visit my Forms and Links page and Metro-North station guide. Considering a sale? Start with a Raveis home-value estimate, then contact me for a property-specific analysis. An automated estimate is a starting point, not an appraisal.

For more on co-ops, read Buying or Selling a Co-op in Westchester and NY Co-op Buying Made Simple: Rights, Documents and Board Preparation. You can also visit The Money Page for financial resources to explore as you plan your next step.

Thomas Roberts | RealtorTom
NYS Licensed Real Estate Salesperson
William Raveis Real Estate, Rye, NY
Thomas.Roberts@raveis.com

General market information. Conditions vary by property, building and price range. Equal Housing Opportunity.

Frequently asked questions

What area and period does this report cover?

These figures cover the White Plains School District for September 2026. They are not a citywide or countywide report, and they do not summarize the full third quarter.

What were the September 2026 median sale prices?

Single-family: $1,045,500 (24 sales). Condominium: $600,000 (12 sales). Co-op: $239,750 (18 sales). Multi-unit: $825,000 (1 sales).

Does a change in median price show how much my home gained or lost?

No. A median summarizes the sales that closed during the month. Changes in the mix of properties sold can change the median. A property-specific comparative market analysis is needed.

How should I compare houses, condos and co-ops?

Compare similar properties within the same segment. For condos and co-ops, include monthly charges, building finances, condition, parking and applicable purchase requirements.

How can I get a market analysis for my property?

Contact Thomas Roberts at William Raveis Real Estate in Rye for a comparison of recent sales and current competition tailored to your property.

New Rochelle Real Estate Market Update: September 2026

September data • October 2026 draft

Last Wednesday, after a showing, I was on North Avenue in New Rochelle thinking about how September would finish: How many homes would sell, and what would the numbers tell us about where the market might be headed? With both the month and the third quarter coming to a close, I was eager to see the results.

Now we have September’s answer. This update covers September 2026 only. It is not a full third-quarter market report; those quarterly numbers are expected next week.

New Rochelle’s September numbers show why the property type matters. Co-op inventory increased while the co-op median sale price declined; condos recorded a higher median price from just four closings. Those are different stories, and neither should be applied automatically to every home in the city.

September housing market at a glance

Geography: New Rochelle School District. Property types are reported separately. All year-over-year comparisons below are with September 2025.

Property type	Unit Sales	Median Sale Price	Days on Market	Inventory	Months of Supply
Single-family	25	$999,000	30	61	2.64
Condominium	4	$777,500	35	25	6.00
Co-op	10	$182,000	50	70	6.04
Multi-unit	3	$1,040,000	19	20	7.50

Source: William Raveis Local Housing Data, September 2026, reports generated October 5, 2026. “Days on Market” is reproduced as labeled; the supplied reports do not specify whether it is an average or median. Inventory is the report’s September figure, not a live listing count. Unavailable statistics are not zero values.

What stands out this month

Co-op buyers had more reported inventory than a year earlier. Sellers should study competing units in the same building and price range. The condo median rose, but four sales are too few to establish a broad appreciation rate. Single-family homes had 2.64 months of supply, compared with 6.00 for condos and 6.04 for co-ops. Buyers should compare options within their chosen segment; sellers should price against similar properties and current competition.

New Rochelle Single-family market

September recorded 25 single-family sales, down 30.6% from September 2025. The median sale price was $999,000, up 0.4%. Reported days on market fell 11.8% to 30.

• Median sale price per square foot: $506, up 11.7% year over year.
• Inventory: 61, down 6.2%.
• Months of supply: 2.64, up 7.7%.
• 92% sold within 90 days of listing.
• 92% sold for more than 95% of list price.

The median sale price was nearly unchanged even though fewer sales closed. The increase in months of supply alongside lower inventory shows why available listings and sales pace should be considered together. These figures do not establish that every home’s value stayed flat. The mix of homes sold, their condition and location remain important.

New Rochelle Condominium market

The report recorded 4 sales and a $777,500 median sale price. The reported days-on-market figure was 35.

• Unit Sales: 4 (down 20.0% vs sept 2025).
• Median Sale Price: $777,500 (up 41.4% vs sept 2025).
• Days on Market: 35 (down 47.0% vs sept 2025).
• Median Sale Price/SF: $553 (up 29.3% vs sept 2025).
• Inventory: 25 (up 38.9% vs sept 2025).
• Months of Supply: 6.00 (up 19.4% vs sept 2025).

100% sold within 90 days of listing; 100% sold for more than 95% of list price. These are shares of sales meeting those thresholds, not an average sale-to-list ratio.

Small sample: This category had only 4 closing(s). Its median and percentages can change sharply with the particular properties sold. They should not be treated as a broad change in every property’s value.

New Rochelle Co-op market

The report recorded 10 sales and a $182,000 median sale price. The reported days-on-market figure was 50.

• Unit Sales: 10 (down 41.2% vs sept 2025).
• Median Sale Price: $182,000 (down 13.3% vs sept 2025).
• Days on Market: 50 (down 23.1% vs sept 2025).
• Median Sale Price/SF: $240 (down 4.0% vs sept 2025).
• Inventory: 70 (up 45.8% vs sept 2025).
• Months of Supply: 6.04 (up 41.6% vs sept 2025).

80% sold within 90 days of listing; 90% sold for more than 95% of list price. These are shares of sales meeting those thresholds, not an average sale-to-list ratio.

If a co-op is part of your plans, read my guide to buying or selling a co-op in Westchester for help preparing your questions about maintenance, building documents and the purchase process.

New Rochelle Multi-unit market

The report recorded 3 sales and a $1,040,000 median sale price. The reported days-on-market figure was 19.

• Unit Sales: 3.
• Median Sale Price: $1,040,000.
• Days on Market: 19.
• Median Sale Price/SF: Not available.
• Inventory: 20 (up 42.9% vs sept 2025).
• Months of Supply: 7.50 (up 51.8% vs sept 2025).

100% sold within 90 days of listing; 67% sold for more than 95% of list price. These are shares of sales meeting those thresholds, not an average sale-to-list ratio.

Small sample: This category had only 3 closing(s). Its median and percentages can change sharply with the particular properties sold. They should not be treated as a broad change in every property’s value.

What buyers should do next

Start with the segment that fits your plans, then compare similar homes and current listings. Have financing or proof of funds prepared and review the total monthly cost before making an offer. A monthly market snapshot provides context; the condition, location and pricing of a particular property determine how you should approach it.

To explore purchase prices, down payments and estimated loan payments, visit my Real Estate Money Page. Use the tools as a starting point, then confirm financing options and the full monthly cost with your lender.

What sellers should do next

Use recent comparable sales and current competition to set your strategy. A district median is not a suggested list price. Preparation, realistic pricing and clear marketing remain important even when inventory is limited. Condo and co-op sellers should gather building documents early; multi-unit sellers should assemble leases, income and expense records and information about permitted use.

Helpful resources and a local conversation

Visit my Forms and Links page and Metro-North station guide. Considering a sale? Start with a Raveis home-value estimate, then contact me for a property-specific analysis. An automated estimate is a starting point, not an appraisal.

Thomas Roberts | RealtorTom
NYS Licensed Real Estate Salesperson
William Raveis Real Estate, Rye, NY
https://instacard.co/Thomas-Roberts

General market information. Conditions vary by property, building and price range. Equal Housing Opportunity.

Frequently asked questions

What area and period does this report cover?

These figures cover the New Rochelle School District for September 2026. They are not a citywide or countywide report, and they do not summarize the full third quarter.

What were the September 2026 median sale prices?

Single-family: $999,000 (25 sales). Condominium: $777,500 (4 sales). Co-op: $182,000 (10 sales). Multi-unit: $1,040,000 (3 sales).

Does a change in median price show how much my home gained or lost?

No. A median summarizes the sales that closed during the month. Changes in the mix of properties sold can change the median. A property-specific comparative market analysis is needed.

How should I compare houses, condos and co-ops?

Compare similar properties within the same segment. For condos and co-ops, include monthly charges, building finances, condition, parking and applicable purchase requirements.

How can I get a market analysis for my property?

Contact Thomas Roberts at William Raveis Real Estate in Rye for a comparison of recent sales and current competition tailored to your property.

Accepted Offer in New York: Why the Fact Sheet, or Memo of Understanding Matters

Getting an accepted offer is an exciting milestone for both buyers and sellers. After the negotiations, counteroffers, phone calls, texts and emails, everyone is understandably ready to move the transaction forward.

But before the attorneys begin working toward the contract stage, there is an important piece of communication that deserves careful attention: the deal memo, sometimes referred to as a memorandum of understanding or transaction memorandum.

After years of working in Westchester County real estate, I have learned that this is not something that should simply be forwarded without a careful review.

Before transaction information goes to the attorneys, the details should be checked—and then checked again.

What Is a Deal Memo or a Fact sheet in a New York Real Estate Transaction?

After a buyer and seller reach an accepted offer, the real estate professionals involved generally need to make sure the attorneys receive the basic business terms and information necessary to begin the next stage of the transaction.

How that information is communicated can vary. Sometimes I have received a separate document or form. Other times, the information has simply been included within an email or an ongoing email chain.

Regardless of the format, the important point is the same: the information needs to be accurate.

Depending on the particular transaction, information communicated to the attorneys may include:

• Buyer and seller names
• Property address
• Accepted purchase price
• Buyer and seller attorney information
• Financing information, when applicable
• Down payment or deposit information
• Anticipated closing timeframe
• Items specifically included or excluded from the sale
• Inspection-related information or other agreed-upon terms
• Brokerage information
• Other important business terms that should be communicated to the attorneys

Why I Always Review the Deal Memo

My approach comes partly from experience.

There have been transactions where I received the deal information as part of an email chain rather than as a separate document and discovered that a client's name had been misspelled.

A misspelled name may seem like a relatively small mistake, but transaction information should be accurate from the beginning.

I also experienced a situation several years ago involving buyers I represented. My buyers had reached an accepted offer, but another party had also submitted an offer on the property. During the communications following the accepted offer, information involving the other party was mistakenly confused with information involving my buyers.

The mistake was caught and corrected, but the experience reinforced something that has remained part of the way I handle transactions:

Once you have an accepted offer, slow down for a moment and verify the details.

Accepted Offers Can Involve a Lot of Communication

Think about everything that can happen before an offer is finally accepted.

There may be an initial offer followed by a counteroffer. Agents may speak by telephone. Buyers and sellers may communicate with their agents by text or email. Terms can change during the negotiations. There may also be several buyers making offers on the same property.

By the time everyone reaches an agreement, important information may be spread across several different communications.

That's one reason I don't believe an agent should rely solely on memory when reviewing the final deal information.

Go Back to the Emails, Texts and Notes

Before transaction information is sent to the attorneys, I believe it is important to compare it with the communications that produced the accepted offer.

That can mean going back through emails, text messages and notes from conversations.

The question I want answered is straightforward:

Does the information being communicated accurately reflect what the buyer and seller agreed to?

This becomes particularly important when a property has received multiple offers. Information involving one prospective buyer should not accidentally be confused with the buyer whose offer was ultimately accepted.

It only takes a few extra minutes to review the details, but those few minutes can prevent unnecessary confusion later.

My Deal Memo Review Checklist

Whether I am preparing transaction information or reviewing information received from another agent, there are several things I want to verify:

• Names: Are the buyers' and sellers' names spelled correctly?
• Property: Is the property address correct?
• Purchase price: Does the memo show the correct accepted price?
• Financing: Does the information accurately reflect the financing structure that was communicated?
• Attorneys: Are the attorneys' names and contact information correct?
• Dates and timing: Are relevant dates or anticipated timeframes accurate?
• Included or excluded items: Were any fixtures, appliances or other items specifically discussed?
• Additional terms: Were other important business terms agreed upon during the negotiations?

Then I read through everything one more time.

If I Receive the Memo, I Still Review It

The same principle applies when another agent prepares the transaction information and sends it to me.

I don't automatically assume that everything is correct simply because someone else prepared it. I review the information from the perspective of my client and compare it with my understanding of the accepted offer.

That isn't about finding fault with another professional.

Real estate transactions involve many people, a great deal of information and sometimes very fast-moving negotiations. Mistakes can happen. A second set of eyes can help catch an error while it is still relatively easy to correct.

The Attorneys Handle the Legal Documents

It is also important to distinguish between the role of the real estate agent and the role of the attorneys.

A deal memo is not the contract of sale, and real estate agents should remain within the appropriate boundaries of their professional role.

The attorneys representing the buyer and seller handle the legal documents, review contractual language and provide their clients with legal advice.

From the real estate side of the transaction, one of my responsibilities is helping to make sure that the business terms and other relevant transaction information being communicated are as clear and accurate as possible.

An Accepted Offer Is Only One Step

Reaching an accepted offer is important, but buyers should understand that there are still several steps ahead before they own the property.

Those steps can differ depending upon the type of property being purchased, how the purchase is being financed and the circumstances of the transaction.

For buyers considering a co-op in Westchester County or elsewhere in New York, the process can include additional financial documentation, building requirements and a co-op application and approval process.

I've created a separate resource explaining many of those issues: NY Co-op Buying Made Simple: Rights, Documents and the Buying Process.

If you're trying to understand more of the financial side of purchasing and owning a home—including the expenses that can extend beyond the purchase price—you can also visit The Money Page.

Understanding these issues before you get deep into a transaction can help you ask better questions and work more effectively with your real estate agent, lender, attorney and other professionals.

Professionalism Is Often Found in the Details

Most consumers understandably think about the highly visible parts of a real estate agent's job: finding the right property, marketing a home, negotiating the offer and eventually getting to the closing table.

But a great deal of real estate work happens behind the scenes.

Carefully reviewing transaction information after an accepted offer is one of those tasks. It may not be the most exciting part of buying or selling a home, but getting the details right matters.

My approach is simple:

Check the names. Check the property. Check the numbers. Check the dates. Review the emails and texts. Confirm the accepted terms. Then read everything one more time.

Because in a real estate transaction, professionalism is often found in the details.

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Frequently Asked Questions About Accepted Offers and Deal Memos

What is a deal memo in a New York real estate transaction?

A deal memo is a communication used to provide attorneys and other transaction professionals with important information about an accepted offer. The exact terminology, format and information included can vary depending on the transaction and the professionals involved.

Is a deal memo the same as a real estate contract?

No. A deal memo should not be confused with the contract of sale. The attorneys representing the buyer and seller handle the legal documents and advise their clients regarding contractual and legal matters.

What should be checked on a deal memo?

Important details may include the spelling of the parties' names, property address, accepted purchase price, attorney information, financing information, relevant dates, included or excluded items and other business terms communicated as part of the accepted offer.

Why should emails and text messages be reviewed after an accepted offer?

Real estate negotiations can involve offers, counteroffers, telephone calls, emails and text messages. Reviewing those communications can help make sure that the information being communicated after the accepted offer accurately reflects the transaction.

What happens after an accepted offer in New York?

The exact process depends on the transaction. The parties generally move toward attorney involvement, due diligence and preparation and review of the contract. Financing, inspections, property type and other circumstances can affect the process. Buyers and sellers should rely on their respective attorneys for transaction-specific legal guidance.

Does buying a New York co-op involve additional steps?

It can. Co-op purchases may involve review of building financial information and governing documents, financial requirements, an application package and an approval process. For more information, visit my NY Co-op Buying Made Simple resource.

Can a real estate agent provide legal advice about a contract?

A real estate salesperson is not a substitute for an attorney. Questions involving contractual rights, legal obligations or interpretation of contract language should be directed to the buyer's or seller's attorney.

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Thinking about buying or selling a home in Westchester County? I'm Thomas Roberts, RealtorTom, a New York licensed real estate salesperson with William Raveis Real Estate in Rye. I help buyers and sellers navigate the details of a real estate transaction from the initial conversation through closing.

This article is provided for general educational and informational purposes only and is not legal, tax, mortgage or financial advice. Real estate procedures can vary depending on the circumstances of a transaction. Buyers and sellers should consult the appropriate licensed professionals regarding their individual circumstances.

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Underground Oil Tank in a Westchester Home? What Buyers and Sellers Should Know

Can an old oil tank affect a Westchester home sale? Yes, particularly when a tank is discovered during an inspection or nobody can find the paperwork showing what happened to one years ago. The next step is to establish the facts with qualified professionals, then make sure the findings are documented.

I recently told someone about the underground oil tank once buried in my father's front yard in Pelham. My phone turned “oil tank” into “Wu-Tang,” which gave us a good laugh. The paperwork question behind the story was less funny: the tank had been removed, but the removal records were lost. A ground penetrating radar survey later helped check whether a tank remained in the area examined.

I have encountered tank questions in my real estate work, too. During a White Plains transaction, an underground tank was found and removed; no leak was found in that case. In a New Rochelle sale, there was no tank on the property, but the seller did not have the old removal records. Ground penetrating radar was used to investigate whether a tank remained. Each situation called for facts and records, not assumptions.

Why does an underground oil tank matter?

The concern is whether heating oil has escaped into the surrounding soil or groundwater. The presence of a tank does not mean it leaked. But older buried tanks can corrode, and if contamination is found, additional investigation or cleanup may be needed. The New York State Department of Environmental Conservation (DEC) homeowner guide discusses both removal and proper closure in place. It also notes that Westchester County may have requirements for smaller heating-oil tanks, so owners should check with the county and their contractor.

What should a seller do if a tank is discovered?

Tell your real estate attorney and speak with a qualified, properly insured tank or environmental contractor. Ask the contractor to explain the tank's location and status, what work is recommended, and what records you will receive afterward. If the tank is removed, retain the report, photographs, disposal paperwork and any soil testing results or agency correspondence. Your attorney can help address how the work and documentation affect the transaction.

New York's Property Condition Disclosure Statement asks about fuel storage tanks that are or have been on the property, whether they are in use, and whether they are leaking or have ever leaked. Sellers should complete the form based on their actual knowledge and speak with their attorney about questions concerning their disclosures.

What should a buyer ask?

If an inspection reveals a fill pipe, vent pipe or other evidence of a tank, ask your inspector and attorney what further investigation is appropriate. Useful questions include:

• Is a tank currently underground, or was one removed or closed in place?
• When was the work done, and who performed it?
• Are there contractor reports, photographs, receipts, permits or disposal records?
• Was the surrounding soil evaluated or tested? What do the reports actually say?
• Was a petroleum spill reported, and are there agency records concerning its status?

The disclosure form itself says it is not a substitute for independent inspections and environmental testing. DEC offers a searchable spill incidents database, which may be one source of records. A database search alone cannot establish that a property never had a tank or a leak.

What if the tank was removed but the paperwork is missing?

That is where the Pelham and New Rochelle experiences are useful. Ground penetrating radar can help investigate whether an underground object may remain in the area scanned. The specialist's written report should describe the area examined and any limitations. A scan does not recreate lost removal records, establish how a former tank was handled, or prove that a former tank never leaked. An environmental professional can advise whether any additional steps are appropriate.

Does a tank have to be removed?

Not in every circumstance. DEC's homeowner guide describes proper closure in place as an option when specified measures are taken, while explaining why removal can be preferable: it permits inspection of the area around the tank. Requirements depend on the circumstances and may include county or local rules. Have a qualified contractor and your attorney advise you on the particular property.

Who pays if a tank is found during a sale?

That is a contract and negotiation question for the buyer, seller and their attorneys. Before agreeing to a credit, removal or post-closing work, the parties should understand the scope of the issue and put the responsibilities and required documentation in writing. A tank removal and a contamination cleanup are potentially very different projects.

What if the tank leaked?

Contact a qualified environmental professional promptly. DEC says petroleum spills generally must be reported to its Spill Hotline at 1-800-457-7362 within two hours of discovery, subject to narrow exceptions. Its spill response FAQ explains the reporting guidance. The parties should also consult their attorneys about the transaction and any proposed agreement.

Frequently asked questions

Does an underground oil tank mean a home is contaminated?

No. A tank may be present without a leak. A qualified environmental professional can explain what inspection or testing is appropriate for the property.

Can ground penetrating radar prove an old tank never leaked?

No. Radar may help investigate whether a buried tank or other object remains in the area examined. It does not test soil or establish whether a former tank leaked.

Is removing an underground heating oil tank always required in New York?

No blanket rule applies to every residential situation. DEC describes both removal and proper closure in place. The applicable requirements depend on the tank and location, including any county or local rules.

What documents should I keep after a tank is removed?

Keep the contractor's written report, photographs, receipts, disposal paperwork, any soil or groundwater test results, and any agency correspondence. Ask your contractor and attorney what documentation applies to your situation.

My takeaway

An underground oil tank question does not automatically end a sale. In White Plains, the tank was removed and no leak was found. In New Rochelle and at my father's Pelham home, missing paperwork made verification important. The practical approach is to investigate early, rely on qualified specialists, and preserve the records for the next owner.

If you are buying or selling a home in Westchester County, I can help you coordinate the real estate side of the process and connect you with the right questions to ask. Thomas Roberts, Licensed Real Estate Salesperson, William Raveis Real Estate — call or text 914-440-3599.

Information only: This post is general real estate information, not legal or environmental advice. Consult your real estate attorney and a qualified tank or environmental professional about a specific property.

Is Multifamily Real Estate Still a Good Investment in New York? A Westchester Perspective

For years, owning a two-family, three-family, or larger multifamily property has been one way real estate investors have tried to build long-term wealth in New York.

But the investment landscape has changed.

Higher borrowing costs, property taxes, insurance expenses, maintenance costs, landlord-tenant regulations, and the increasing importance of legal and regulatory compliance have made owning investment property more complicated.

So, is buying a multifamily property in New York still worth considering?

I think the better question is this: Does a particular property make sense at today's price, with today's expenses, financing, rents, regulations, renovation needs, and risks?

That question is especially important in Westchester County, New York, where a multifamily property in New Rochelle, White Plains, Mamaroneck, Port Chester, Mount Vernon, Yonkers, or another municipality can have a very different financial profile from a seemingly similar property just a few miles away.

Multifamily Investing Has Become More Complicated

Today's multifamily investor has considerably more to examine than the purchase price and monthly rent roll.

Depending on the property, some of the issues that may affect an investment include:

• Mortgage rates and financing costs
• Property taxes
• Homeowners or landlord insurance premiums
• Heating and electricity expenses
• Maintenance and capital improvement costs
• Existing leases and tenant history
• Rent regulation
• Applicable New York landlord-tenant regulations
• Building violations and deferred maintenance
• Certificates of occupancy and permitted use
• Legal and administrative compliance

This does not automatically make multifamily real estate a poor investment. It means investors need to perform considerably more due diligence before deciding whether the numbers work.

Why Westchester Multifamily Properties Can Still Be Interesting

Westchester County is not a single real estate market.

Communities have different housing stocks, price points, transportation options, tax structures, rental inventories, building codes, and local requirements.

Multifamily housing can also take several forms. A buyer might consider:

• A traditional two-family home
• A three-family property
• A four-family property
• A larger apartment building
• A mixed-use property with residential and commercial space

Smaller multifamily properties can be particularly interesting because they may attract both investors and owner-occupants.

For example, a buyer might purchase a two-family home, live in one unit, and rent the other. Another buyer may approach that same property entirely as an investment.

Those two buyers can look at the exact same building very differently.

Start With the Numbers — Not the Asking Price

One of the biggest mistakes an investor can make is assuming that a property is a good investment simply because the monthly rental income sounds attractive.

The important number is not just gross rent. Investors need to understand what remains after expenses.

A preliminary financial analysis might consider:

• Current rental income
• Potential rental income
• Vacancy assumptions
• Property taxes
• Insurance
• Heating fuel
• Electricity
• Water and sewer costs
• Repairs and routine maintenance
• Property management expenses, if applicable
• Capital expenditures
• Financing costs
• Other property-specific operating expenses

A building generating substantial gross rental income can look considerably less attractive once its actual expenses are included.

Energy Costs Can Have a Major Impact on Multifamily Properties

Heating and electricity expenses deserve particular attention when evaluating an older multifamily property in Westchester County.

Many older homes and multifamily buildings were constructed long before today's energy-efficiency standards. Depending on the property, a new owner may eventually consider upgrades involving insulation, windows, heating systems, cooling systems, electrical service, or other improvements.

Some buyers also look at heating-system upgrades as a way to potentially reduce long-term operating expenses.

If you are comparing different heating and cooling systems, you may find my article Heat Pumps, Boilers or Geothermal: What Makes Sense for a Westchester Home? helpful.

The important point for an investor is that energy costs should be incorporated into the property's overall financial analysis rather than treated as a minor expense.

Renovations Can Change the Investment Equation

Many buyers who purchase multifamily properties intend to make improvements after closing.

That might include renovating kitchens or bathrooms, updating flooring, replacing windows, upgrading electrical systems, improving heating and cooling systems, modernizing common areas, or correcting deferred maintenance.

Renovations may improve the condition and functionality of a property, but they can also add significant upfront costs.

Before purchasing, investors should ask:

• What work needs to be completed immediately?
• What improvements can wait?
• What major systems are nearing the end of their useful life?
• Will the work require permits?
• Are existing improvements already properly permitted?

Building Permits Matter

Permits can become particularly important with multifamily properties because previous owners may have altered layouts, added kitchens or bathrooms, finished basements, converted spaces, or changed the use of portions of the building.

A buyer should not assume that an existing improvement was automatically completed with municipal approval.

I discuss this issue in more detail in Why Building Permits Matter in New York Real Estate.

Before making significant renovation plans, buyers should investigate the property's municipal records and consult the appropriate professionals regarding permits, zoning, certificates of occupancy, and legal use.

Existing Tenants and Leases Matter

When purchasing an occupied multifamily property in New York, the leases and tenancy situation deserve careful attention.

An investor and their attorney should determine which rules apply to the particular building and municipality and carefully review the available documentation.

Depending on the property, due diligence may include reviewing:

• Existing leases and riders
• Rent history
• Security deposits
• Payment and arrears information
• Rent-regulatory status
• Applicable DHCR records
• Open building or housing violations
• Pending litigation
• Certificates of occupancy
• Permitted use
• Applicable landlord-tenant requirements

This is an area where a qualified New York real estate attorney is essential.

A real estate agent can help gather information and identify questions, but legal interpretation should come from an attorney.

Don't Overlook the Physical Condition of the Property

Numbers are only one part of the investment analysis.

Older Westchester multifamily properties can have significant capital needs.

Major expenses may involve:

• Roof replacement
• Boilers or heating systems
• Electrical service
• Plumbing
• Foundation or masonry work
• Windows
• Siding
• Drainage
• Water intrusion

A property producing attractive cash flow today may look very different if it requires substantial capital improvements shortly after closing.

Buyers should also learn how to recognize signs that major systems or components may have been replaced or altered over time.

For additional information, see 3 Easy Ways to Tell If a Home Has Been Renovated.

Location Still Matters — Even for an Investment Property

Real estate investors sometimes become so focused on cap rates and cash flow that they overlook one of the oldest principles in real estate: location.

In Westchester County, investors may want to consider factors such as:

• Proximity to Metro-North stations
• Shopping and services
• Employment centers
• Major roadways
• Municipal services
• Local rental inventory
• Property taxes
• Condition of surrounding housing stock

A multifamily property in downtown New Rochelle can present a different investment profile from one in White Plains, Mamaroneck, Port Chester, Mount Vernon, Yonkers, or another Westchester community.

That is why local market knowledge matters when evaluating both comparable sales and rental properties.

What About Future Appreciation?

Real estate has historically been viewed as a long-term asset, but investors should be cautious about purchasing a property primarily because they assume its value will rise.

Future appreciation is never guaranteed.

I would rather see an investor determine whether a property makes financial sense based on reasonable assumptions today and treat potential appreciation as an additional long-term benefit rather than the entire investment strategy.

Think About the Property as a Business

A multifamily property is not simply a house with extra apartments.

From an investment perspective, it should be evaluated much like a small business.

The owner has revenue, expenses, capital costs, maintenance obligations, legal responsibilities, insurance exposure, and long-term planning decisions.

Before purchasing, buyers should understand not only what the property earns, but also what it costs to operate, maintain, improve, and finance.

So, Is New York Multifamily Real Estate Still Worth Considering?

Yes — but being selective matters more than ever.

The regulatory and operating environment has become more complicated, and that makes careful underwriting, professional inspections, financing analysis, renovation planning, and legal due diligence particularly important.

There is no universal answer that says New York multifamily real estate is either a "good" or "bad" investment.

There are properties whose numbers work, properties whose numbers do not work, and plenty that require a much closer look.

The goal is to figure out which one you are looking at before you buy it.

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Thinking About Buying or Selling a Multifamily Property in Westchester County?

If you're considering a two-family, three-family, four-family, mixed-use, or other multifamily property in Westchester County, New York, I can help you evaluate the local real estate market, comparable sales, rental information, property condition, and positioning.

Thomas Roberts | RealtorTom
Licensed New York Real Estate Salesperson
William Raveis Real Estate – Rye, NY

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This article is provided for general real estate education and informational purposes only. It is not legal, tax, investment, mortgage, engineering, construction, or financial advice. New York landlord-tenant laws, rent regulations, zoning requirements, building codes, and permit requirements are complex and property-specific. Buyers, sellers, landlords, and investors should consult qualified attorneys, accountants, lenders, inspectors, engineers, contractors, insurance professionals, municipal officials, and other appropriate licensed professionals regarding their individual circumstances.